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Below are the Unaudited Condensed Consolidated Statements of Operations for the three-months and year ended December 31, 2012 and 2011.

Three-Months Ended December 31,

Year Ended December 31,

Amounts in thousands, except per share amounts

2012

2011

2012

2011

(Unaudited)

(Unaudited)

Net revenue

$ 36,936

38,170

$ 139,522

140,984

Station operating expenses

21,382

24,708

88,874

89,914

Corporate expenses

1,955

1,657

7,507

7,247

Depreciation and amortization

1,342

1,426

5,464

5,436

(Gain) loss on the disposal of assets, net

(7)

7

(15)

(10)

Impairment charges and restructuring costs

(130)

--

442

207

Operating income

12,394

10,372

37,250

38,190

Interest expense, net

(9,930)

(2,068)

(36,543)

(8,182)

Loss on early extinguishment of debt

--

--

(391)

--

Income before income taxes

2,464

8,304

316

30,008

Income tax (benefit) expense

(164)

2,146

1,597

6,306

Net income (loss)

2,628

6,158

(1,281)

23,702

Dividends on Series B preferred stock

(2,481)

(2,481)

(9,927)

(9,927)

Net income (loss) applicable to common stockholders

$ 147

3,677

$ (11,208)

13,775

Net income (loss) per common share:

Basic

$ 0.02

0.51

$ (1.54)

1.90

Diluted

$ 0.02

0.51

$ (1.54)

1.89

Weighted average common shares outstanding:

Basic

7,267

7,267

7,267

7,267

Diluted

7,267

7,269

7,267

7,278

Non-GAAP Financial Measures

Operating Income (Loss) before Depreciation and Amortization, (Gain) Loss on the Disposal of Assets, net, and Impairment Charges and Restructuring Costs ("OIBDA") is not a measure of performance or liquidity determined in accordance with Generally Accepted Accounting Principles ('GAAP') in the United States. However, we believe that this measure is useful in evaluating our performance because it reflects a measure of performance for our stations before considering costs and expenses related to our capital structure and dispositions. This measure is widely used in the broadcast industry to evaluate a company's operating performance and is used by us for internal budgeting purposes and to evaluate the performance of our stations, segments, management and consolidated operations. However, this measure should not be considered in isolation or as a substitute for Operating Income, Net Income, Cash Flows from Operating Activities or any other measure used in determining our operating performance or liquidity that is calculated in accordance with GAAP. In addition, because OIBDA is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures used by other companies.